Product
Minimum Viable Product (MVP)
Definition of
Minimum Viable Product (MVP) is a development strategy that enables businesses to create and launch a product with the minimum set of features required to satisfy initial customers' needs. The concept of MVP is to release a product with limited features, test it with early adopters or a small group of customers, gather feedback, and use it to improve the product further. The main goal of MVP is to get the product to market quickly, save resources, and minimize risks. For example, a tech startup developing a new mobile app can create an MVP with basic features, such as user login, user profile, and a few essential functionalities, and release it to a small group of customers. Based on the feedback, the startup can then refine and improve the app's functionality and enhance the user experience to meet the market's requirements.
